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Sonos Reports First Quarter Fiscal 2023 Results
Delivers record Q1 revenue despite economic headwinds, maintains Fiscal 2023 outlook SANTA BARBARA, Calif.--(BUSINESS WIRE)-- Sonos, Inc. (Nasdaq: SONO)
About this update from Sonos, Inc.
[{"type":"text","content":"\nDelivers record Q1 revenue despite economic headwinds, maintains Fiscal 2023 outlook\n\n SANTA BARBARA, Calif.--(BUSINESS WIRE)--\nSonos, Inc. (Nasdaq: SONO) today reported first quarter fiscal 2023 results.\n\nFirst Quarter 2023 Financial Highlights (unaudited)\n\n\nRevenue increased 1.2% year-over-year to $672.6 million; on a constant-currency basis, revenue increased approximately 7.0% year-over-year\n\n\nGross margin decreased 540 basis points year-over-year to 42.4%\n\n\nGAAP net income of $75.2 million compared to $123.5 million last year\n\n\nGAAP diluted earnings per share (EPS) of $0.57 compared to $0.87 last year\n\n\n\n\nNon-GAAP net income1 of $103.4 million compared to $146.1 million last year\n\n\nNon-GAAP diluted EPS1 of $0.79 compared to $1.03 last year\n\n\n\n\nAdjusted EBITDA of $123.9 million compared to $163.1 million last year\n\n\nAdjusted EBITDA margin of 18.4% compared to 24.6% last year\n\n\n\n\nFree cash flow of $167.6 million. Cash flows from operating activities of $182.3 million\n\n\nInventories of $306.1 million, down 33% from last quarter\n\n\nFinished goods of $261 million, down 36% from last quarter\n\n\n\n\nNotes: 1 Non-GAAP net income/earnings per share (EPS) exclude stock-based compensation, legal and transaction related fees, and amortization of intangibles. See “Use of Non-GAAP Measures” and reconciliations to GAAP measures below.\n\n“We are pleased to report record first quarter revenue of $672.6 million and adjusted EBITDA of $123.9 million. We entered the quarter with our healthiest in-stock inventory position in three years which allowed us to meet the tremendous customer response to our industry-leading product portfolio and gain share across our key categories and geographies. Our results are a testament to the strength of the Sonos brand, our category leadership and the power of our flywheel,” said Patrick Spence, CEO of Sonos.\n\nMr. Spence continued, “Looking ahead, we remain on track to deliver against our fiscal 2023 guidance as we build upon our momentum and prepare to launch multiple new products this year. While significant macroeconomic uncertainty remains, my conviction in the long-term potential of Sonos has never been stronger.”\n\nFiscal 2023 Outlook - Unchanged from 4Q22\n\n\nRevenue in the range of $1.7 billion to $1.8 billion, representing a decline of -3% to growth o...